RitaB

My totally off the cuff opinion is that the code is incorrect and Form 8606 is looking for you to enter an explanation of the exception. Well, you don't need an explanation of an exception, like higher education or medical expenses, cause none of the distribution is taxable. Believe the code should have been Q. If there's no way to explain this is Part IV, you may have to attach a statement explaining.

OK, well, a google search revealed this, so I guess there could be a problem.

No experience with this status. Do I need to do anything? With only one page of threads, I figured a search would not be helpful.

I enjoyed that, too!

So, THAT'S what happened...

We are friends! And, I am jealous, because I was looking like 1:37 in February.

I THOUGHT it might bring a smile to a face or two... There is a picture of an accountant at 1:37.

C'mon, you know you are going to waste 5 minutes on SOMETHING today. Humor me.

My client just informed me that a girl at the bank is selling a Money Market Fund that is making 8.9% There is only a 5.75% front-end fee, and it is ultra safe. They are chucking their pathetic Vanguard Fund, management fee less than 1/2 of 1%, to get in on this opportunity. Yeah, I'm gonna run right down there. Thanks for the heads up. I started to say, "Pigs get fed, hogs get slaughtered" but I was afraid they would run down to the stock barn, and then I would have a Schedule F to deal with next year.

I had two, and their refund dates were later than usual due to "processing delays," but they got the refunds.

Don't forget to take SMR to and from said yacht. Fill up with gas and buy a snack, and throw those in there, too. Also, be sure to call a client on your cell phone to qualify that. Try to get a hair cut on the way as well.

I will probably eat in Lebanon, TN at O'Charley's on the way to Murfreesboro where MY BABY IS PLAYING IN THE BOY'S STATE BASKETBALL TOURNAMENT. I am not excited about that at all. See profile picture.

Yeah, just try to be more stupid than us! We got this.

Agree with Pacun on the ROTH IRA. It's a wonderful thing. And, if account owner needs to take out the contribution, (not the earnings), he may do so at anytime, penalty free. (Obviously tax free, too, as the contribution is not deducted from income). I don't know why every kid who is eligible is not jumping on this train. I do, however, have clients that are older who convert Traditional IRA's to ROTH's and actually shoot themselves in the foot, cause they don't have time on their side. I guess the barber advised them to do that when he told them to "LLC" their sole proprietorship.

Seriously! I have done two this year, and I searched briefly for some intelligent sounding "pursuant to blah, blah," something to put on there. Finally, I realized this apparently wouldn't even be happening with a paper file, so I decided, "Just put SOMETHING, and move on, Rita!" So, I entered "2008 NOL Carryforward = $xx,xxx" or something equally dazzling. I felt like saying what you thought: "Duh, do the math."

Yes, I had that guy, too! Went online and set up an LLC cause he heard it was a good idea. Continues to pay everything out of the personal account. Made his three-year-old twins partners. Had that home office, too, so he could write off all his commuting miles to the actual office. I told him he was too smart for me, and that he would need an expert who would also charge him enough to make the legal and professional expenses deduction worthwhile.

I am enjoying this part of tax season, how about you all? Seems like everybody is more relaxed, less desperate. (Hey, that sounds like a beer commercial.) Also, clients tend to be actual taxpayers right now, so I enjoy helping them more. Seeing people get $7,000 in refundable credits was getting old...

I had two racoons under my office. They make ALOT of noise. Yikes.

I agree. Haha! I would like a way to view all returns where e-files have NOT been created. When we were waiting on Sch A, I was worried that I would forget to create and send once the floodgates opened. Also, the hold up on Clergy Worksheets made me wonder if I would forget the preach. I always compare the number of e-files to the total returns, but would love to see the returns that are NOT e-files yet so I know I didn't forget anybody.

Contributions to ROTH IRA's can be withdrawn at any time, tax free and penalty free, because the tax has already been paid on that money. Yes, I believe you tell IRS that it's a return of contributions in Part IV of Form 8606.

Yeah, the old "inheritance" thing. Got a guy a few years ago who cashed inherited savings bonds. $40,000 in interest. Preparer left it off the return. IRS had a little bee in their bonnet over that. It's kinda like the self-employed who think they don't have to file cause they're under $9,350 or whatever. Well, I hate to be the one to tell you...

I could not agree more. Had a lady in here last week wondering "What happened?!" that she owed so much. Well, let's see. You're in the 25% tax bracket, and each of you had less than 10% withheld from your earnings. And guess what? She is the office manager for a doctor and also the payroll clerk. "What happened?!" indeed.

I think I will hire her, and hold out WAY too much tax. That way she will get a refund, and I will be a hero.

Lady is 80 years old. Been doing her return for 12 years. EVERY year she asks me why is not too old to file. EVERY year I tell her the filing requirements. EVERY year she owes a little tax. I called her just now to tell her the return is ready. Grouchy: "Well, it'll be next week before I can come up there." Me: "That is fine." Grouchy: "Yeah, I know it's fine, cause I'm not coming up there today." I was mad when I started typing, but now I am laughing, thinking I should hire her to answer the phone.

I changed my profile pic in honor of my skinny point guard baby.